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LDLR 6 OF 2005
IN THE LANDS TRIBUNAL OF THE
HONG KONG SPECIAL ADMINISTRATIVE REGION
Lands Resumption Application No. 6 of 2005
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BETWEEN
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MINGO PROPERTIES LIMITED |
Applicant |
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And |
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THE DIRECTOR OF LANDS |
Respondent |
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Coram: Mr. W. K. LO, Member of the Lands Tribunal
Dates of Hearing: 15, 16, 17, and 18 January 2007
Date of Judgment: 26 February 2007
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C O R R I G E N D U M
_____________________
1. There were some very minor arithmetic errors in the adjustments of the comparables in respect of the ‘frontage’ factor as shown in the calculation at Tables 2 and 3 of the Judgment. These errors are now corrected and the revised pages 26 and 27 of the Judgment are appended below: -
“- 26 - (Revised)
Tribunal’s adjustments of the adopted comparables
45. Adopting the adjustments as summarized above, I have analysed the adopted comparables for Portions D and E separately, as follows: -
Table 2 – Analysis of adopted comparables for Portion D
|
Comp.
|
Unit
Price
($ / m2)
|
Adjustment
|
| Time |
Location |
Headroom |
Size |
Frontage |
Shape |
Total |
Adjusted Unit Rate ($ / m2)
|
|
|
|
AC-2/RC-2
|
168,545
|
-2%
|
-15%
|
0
|
-2%
|
2%
|
0
|
-17%
|
139,892
|
|
AC-5/RC-4
|
157,051
|
3.5%
|
-10%
|
-4%
|
3%
|
0
|
-5%
|
-12.5%
|
137,420
|
|
AC-6/RC-5
|
155,872
|
12%
|
-20%
|
0
|
7%
|
-3%
|
-5%
|
-9%
|
141,844
|
|
AC-7
|
109,470
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12%
|
-15%
|
0
|
7%
|
0
|
0
|
4%
|
113,849
|
|
AC-8
|
99,800
|
15%
|
-15%
|
0
|
7%
|
0
|
0
|
7%
|
106,786
|
|
RC-1
|
108,491
|
-2%
|
-10%
|
0
|
14.5%
|
-4%
|
0
|
-1.5%
|
106,864
|
|
Average
|
124,443
|
Revised Table 3 – Analysis of adopted comparables for Portion E
|
Comp.
|
Unit
Price
($ / m2)
|
Adjustment
|
| Time |
Location |
Headroom |
Size |
Frontage |
Shape |
Total |
Adjusted Unit Rate ($ / m2) |
|
|
|
AC-2/RC-2
|
168,545
|
-2%
|
-15%
|
0
|
-16%
|
3%
|
0
|
-30%
|
117,982
|
|
AC-5/RC-4
|
157,051
|
3.5%
|
-10%
|
-4%
|
-11%
|
1 %
|
-5%
|
-25.5%
|
117,003
|
|
AC-6/RC-5
|
155,872
|
12%
|
-20%
|
0
|
-7.5%
|
-2.5%
|
-5%
|
-23%
|
120,021
|
|
AC-7
|
109,470
|
12%
|
-15%
|
0
|
-7%
|
0.5%
|
0
|
-9.5%
|
99,070
|
|
AC-8
|
99,800
|
15%
|
-15%
|
0
|
-7%
|
0.5%
|
0
|
-6.5%
|
93,313
|
|
RC-1
|
108,491
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-2%
|
-10%
|
0
|
0
|
-3.5%
|
0
|
-15.5%
|
91,675
|
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Average
|
106,511
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Valuation of the Property on vacant possession basis
46. Applying the average adjusted unit rates for Portions D and E arrived at in the Tables 2 and 3 above to their respective effective saleable
- 27 - (Revised)
floor areas give the following results:
(i) For Portion D –
Agreed Effective Saleable area of 48.02 m2 x $124,443 / m2
= $5,975,753
(ii) For Portion E –
Agreed Effective Saleable area of 104.38 m2 x $106,511 / m2
= $11,117,618
47. Therefore, the open market value of the Property is estimated to be the sum of the values of Portion D and Portion E, i.e. $5,975,753 plus $11,117,618, which is equal to $17,093,371 rounded to $17,094,000.
Orders
48. Accordingly, I order that the Respondent do pay the Applicant compensation for the Property in the sum of $17,094,000. The matters of professional fees, interest and costs shall be adjourned to a date to be fixed by the Registrar, with liberty to apply for any other ancillary and consequential matters.
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(Mr. W. K. LO)
Member,
Lands Tribunal |
Mr. Simon K M LUI, instructed by M/S Cheung, Chan & Chung, for the Applicant.
Mr. Jin PAO, instructed by the Department of Justice, for the Respondent.”
2. As a result of these corrections, the compensation for the Property is changed from $17,080,000 to $17,094,000.
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(P. Y. LEE)
Clerk to Member W. K. Lo |
Dated this the 22nd day of March 2007
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